Transcript
Yeah, whoo. Hey, oh, hey. Oh. Yeah, live. Yeah, that's it. That's it. You want to see if I would fall asleep. But I said that from From black rocks, ESG in different conference center. Oh, that sounds. Boring. It's an all-new terrific Tuesday edition of business pants. Joined by are the data Queen and analysts whole map mascardi. Yes, that's correct. You know, I was making fun of you guys for your the poor, the poor audio Management on Friday, me me, but are you actually seems like it's Riverside because Riverside did not Riverside is tough. It's really, you know, for people who have been podcasting for like seven years you'd think we'd figure out audio by now. I mean Riverside. Can we say before we start? That Ari may or may not fall asleep during the show. Blame her teething child. It's really, she came in and I have never seen a human yawn that much. Like I just heard a human that was it. But there's one way to wake her up in today's proxy sent to lead director called April 16th 2024. The end of the world's most in March Madness. Good and it we're in the elite eight and all. So later kind of a sneak peek preview of our all-new top five list Throwdown show. Let's throw down. Yeah. Like hoe down Throwdown. Our show today is being sponsored by free flow analytics. The only is she did a platform to measure real board influence and diversity power. Gas. Someone needs to rewrite that copy because it go ahead. It sits there for every show. Go ahead. I just, I'm just highlighting a few things. What do you else? Do you want to? I want to highlight the fact that free flow analytics is a free web-based platform where you can get data. And I talked I see every year On Earth. No, that's not true. He needs no, it's only like 90,000. It's already how many directors is it? Ari 18,202,000. Yeah, so it's history. That's a history. Oh, you mean current. Yeah. Oh yeah. We gotta wake her up. Play the music. Play the give me some March Madness music. Yeah. It's really hard not to like your life with that music going. I, I really can't believe how long I let this game, linger, I apologize to everybody. Let's, let's quickly wrap this up. This is the final Elite eight of our of the best headlines, across the last year. Let's go quickly. This is the East bracket women's March Madness ad Revenue. If you just joining us Damien's, gonna read headlines over the past that popped up during the past year and we want to rate them and whichever one is better gooder. Yeah, wins. This is the March and this is the March Madness, final Elite East bracket, two competing headlines, women's March Madness ad Revenue doubled, women's NCAA Championship TV, ratings crushed the men's that's the first one. Second one Union employees are about 100,000 dollars richer than non-union workers. One workers last time, I know, but now in contrast this is it, this is a clear upset because this is definitely Union employees or 100,000 years, 100%. I mean like that's that's good in perpetuity Let's go to the West bracket where the first headline is 2000. Senior women win, biggest Victory possible. In Landmark climate case, a group of older Swiss women have won the first ever climate case victory in the European Court of Human Rights. Versus total energy sued over its responsibility for climate change. In Belgium's first ever climate action against a multinational company. So two big, this isn't cases in Europe. Okay, go ahead go over the soup. So yeah, it's a win over the suit. Okay, do we have to like, how fast this is moving? How much do we have to hammer that it's older Swiss women like that? Come on. It's not respect the elderly. We don't respect the older, the older generation, the wisdom. We are always were focused on Youth too much. Come on. I get, I'm fine, I'm fine. But like they said, 2000 senior, women win, biggest possible Victory. And then, in the subject, header, all group of older. Okay? That's my bad. I actually say it. That's my bed. I mashed together. Two headlines to prove a point and I did like the Jeffrey sonnenfeld of bad production because I repeated myself that makes my head. Okay. And the Bracket. Two headlines. First one millionaire banking, boss standard Charters, CEO Bill Winters, says ESG. Investing is good for business. If that makes me woke shoot. Yeah, every time second headline lawsuit from Elon musk's X against anti-hate speech. Group dismissed. Judge, rules lawsuit was an attempt to punish Free Speech. Oh, I'm gonna go with if that makes me look, shoot me. Everyone loves that like that. What do we do in the event of a tie here? I'm I have to break the time. I'm gonna go. Oops. Sorry, hard up, sorry miles. Yeah, miles is currently asleep, please. So that he can wake up all night tonight. I'm gonna go with the lawsuit from Elon. Musk's is dismissed mostly because it's now currently on the record in a court of law that Elon Musk was trying to punish free speech on the platform with each Diaper, Baby fit, man. He the big Diaper, Baby. Threw a big Diaper Baby fit while he's talking to Don Lemon about how Don Lemon was trying to censor the universe. And like, he, he's not a for free speech and moderation is censorship. Meanwhile. Okay. So we should send him a diaper. I got some extra, we should sit down, let it die by going with the official outing of Elon Musk attention. Yeah, only because, I mean, it is cute. The bill winter said, you know, if that makes me walk shoot me, but I don't know. I mean, I don't like the guy that Just defending the concept of irritating that we're like. We're still like fighting off these whack jobs who think that ESG is the devil. Sure. And that includes Elon Musk. Anyway, I had to pick something already, I don't know the South bracket Nissan to launch only, all electric car models in Europe, starting now and L'Oreal rolls out product impact, labels, and starting now, But they're both doing it. No they L'Oreal these product labels are out, okay, but but the just saying, first of all, probably impact labels, just tell you the shit that's in the thing where this is, they were like, we're not selling this anymore, the shity thing anymore. That's true. Starting. Like, now, like, I'm gonna finish the sentence, and you can't buy it anymore. Yeah. I like that better. Nissan win. All right, I guess I can't argue. All right, I had an argument for L'Oreal, but you guys, the winner is in. So, let's go to our final four. I can't believe you guys took the shoot. Me one. I feel like I was gonna go with that all the way. Oh, I do feel. I it's not too late for me to change the tape. Okay let's move on. Give me a little music quick music. Let's see. Final four, good music. Okay, hold on. Hold on, hold on. Here we go. There you go. We're really belaboring this one. How many? for those of you who are, for those of you who are tuning in, Because some smart person has recommended us because we have insightful commentary. We do have, I apologize. Oh sure. It's not like this, we'll get to some more insight. We're going to be looking at our platform, actually, the next part of the show, looking at some of our data, so you can stay tuned for that. This is fortunes silly Part in the first final four matchup, you need employees. Union employees, about 100,000 dollars richer than non-union workers going up against senior, women in the Swiss quartz have won the first ever climate case victory in the queue European Court of Human Rights. That's a big one. Yeah, go ahead. Take a second. I'm gonna go fast, I'm going with the the older women. Damn, I mean look, this the the lawsuit that they won actually included included, like it basically said that the Swiss Regulators should have been regulating to stop climate change. Do you know what the biggest industry in Switzerland? Is Ah, banking banking, it is banking, which means he banks are supposed effectively. They're saying banks have been financing. The the shit that is killing us and that means if it could prompt massive shift and regulation in Switzerland and Switzerland is like a hub. That's all I do a bank. That's what they do. They're good at. Are you convinced and convinced? Sorry, I'm gonna go with union workers. Give me a quick case if you're not too tired, okay? I do love what the older women are doing. I have to think about this one, the union workers, I think more workers need to use workers are dying and not just from climate change, but because they don't get paid enough and they need to fight for their rights. So this is tough because that you didn't. If you didn't realize at this point, yet, the being in a union, is better than being in a union in your an idiot. And this is sorry. Bad thing that Yeah, like it was the fact. Yeah, I'm gonna go, I'm gonna go in the year of Caitlin, Clark in the year of women's women's ratings, trouncing men's ratings. And even my Dopey friends talking about women's sports, I got to go with the women, the women, yeah. Good one can't be upset. Can't be upset. And the next, the next matchup lawsuit from Elon musk's ex against anti-hate speech group dismissed judge rules lost. It was an attempt to punish Free Speech versus Nissan to launch only all electric car models in Europe. Starting now I'm going Nissan. Oh really? Yeah, cuz I know you're gonna go. Yeah, starting now I'm going with Elon. It's like you, why are you going with Elon man? I'm curious because like I can't get over the fact that important Diaper, Man, baby, you want, okay? Just like the Delaware judge Chancellor. What's her name? What karthi know we should know she actually has been like targeted by anti-wolf groups now who are trying to ouster just like her putting into the record. The fact that Tesla's board was the one of the worst constructed boards in the history of boards Kathleen McCormick McCormick. This is another judge ruling that Elon Musk who walks around in the cloak of free speech. Is my thing, Free Speech. Absolutely wrote it down in the permanent. Record. No, it's not. And then like, that's fantastic. I love that. Is gonna be. I mean, I really don't, I don't want to headlines from Europe, so Elon Musk wins seeing there it goes. That category and finally, let's get to our final matchup. This is the good game list headline of the year. I never would have expected. This matchup 2000, senior women win biggest Victory possible Landmark. Climate case versus a judge told Elon Musk that he is attempting to punish free speech and dismissed a loss. Okay, the fact that the European Court said that the government not regulating like in action is why they're all that's, that's the biggest. Yeah. And I mean, like while it's funny that a judge basically told a diaper baby to shut his fat. Yeah. Winning the inaction lawsuit is literally literally important specifically, calling out Banks and finance. I mean, there's there's this is like the Pinnacle of these. I mean, we got like six. Here's your winner. People kids in Montana like did the same thing and no one cared. This is a big deal. So like, let's give it up. It's a big deal and only that but That I know Matt hates this but led by old women 2000 women and just telling me how old they were. How about the fact that this just happened a few weeks ago. So maybe there's some recently bias here but this is a late entry to the no. There we go. That's the winner. Yes, they're this suit. Took nine years like it didn't happen a few weeks ago that's probably dead. That's the amazing part. In fact, the women have gone on the record and said we will not benefit from this ruling, like we will be dead by the time things happen. So true, good for that being good. I feel good about this one. All right, let's move on to the next part of our show. So we're gonna do a now that this horrible long delayed March Madness contest is over. We're gonna introduce a new feature to our Tuesday lineup, which is lists. We're gonna do top five lists and what Each each week, the three of us reach gonna bring a list. We're going to go to our data set. This has to be from our data set, of course, from our platform, which gives array the data, Queen a bit of an advantage, but that's okay. We're each going to come with a top five list. And we're going to kind of compete over, who has the best list and we'll vote. And we'll have a winner and here's how we'll get started because we're not playing the contest this week, but I went in to give an example of some of the fun ways to play with this data because a lot of the people that we have been talking to you know they're impressed with the data set understandably but this is understandable. This is this is a very this is a extremely novel, set of data. Never been introduced into our Marketplace before this is ESG 2.0 whatever you want to call it and understandably. Some people are just like well look from the from its appearance. It's wonderful. But how do we use it about it? Do we get to pay the your best list? You can talk about this. However, I'm only presenting just arguing a show how this is gonna work. You can argue against me, you can explain some of the data points but I just want to help our listeners and potential clients and current clients. I I want this to be a feature because I think we should just keep talking about. I effective use of some of our day. I wanted to be a feature because I want to name and shame people. Yeah fun. Well you did you're gonna be disappointed with my first list because I'm in I'm usually such a Negative person. I actually started up with top performers. Good. Okay, here. We go. So Ari, please chime in a you are the data queen and I know Matt has already has things to say about these people that I picked that, he's not happy with how I did. Here's my methodology. So the way it works here at free flow analytics is that we actually group all of our companies into four legs on market cap size. I like to I personally focus a lot of my research on League's three and four, which is the companies with the largest market cap, our show, the proxy countdown, almost exclusively focuses on these largest companies. This essentially, the equivalent here is basically the S&P 500, right? These are essentially, the 500 biggest perfectly overlaps, And for this list, I, I focus on the league for companies, which is the 36. Biggest company League, four in the US? Yeah, the USA I would say we the data actually expands. Well, we have, there's 9500 companies or more in the database so it's Global the data you can look at yeah, league for globally. But it leaked for, in the US is a big enough sample to start. So I'm looking at just leak for in the US. That's 36 companies, that's 434 directors, and it already gets a little bit. Interesting. So 36% of these directors are women, right? Which is kind of, in line with the standard that people are looking for roughly between 30 and 40%, that kind of represents an international standard unless you're in Asia, which the numbers like 8%. I don't know what they want. I don't know what they're looking for their butt. So 36% of the board is women, which is good, but in some data that you can only get here, their power, their influence represents only 25% of total influence. So already you see a massive power Gap here with with female directors, right? Well, that number is actually lower. That Gap is smaller. Okay? Then the rest of the world like the. So what's interesting about that? So you have to understand the idea of influence first which is like The culmination of how you got to this room. What's on your resume, who you are? Do you have shares? Are you the chair of the board? Is every one of your friends in the room, your family? Your family? Yeah. Like, are you related to the long dead founder? Like, we take into account probably 30 or 40 data points, for every single director and use academic research and all the sorts of stuff to model how influential you are likely to be on this board. How much responsibility you're like to have for the outcomes of the board. And when you do that, you can do things like well, how much influence do women have versus men? Or how much influence, you see, EOS have xcos versus for on CEOs, or whatever or like or like, you know, if you're in the it sector, how much influence do people with skill set? And it exactly. Right. Exactly. So when we do this globally, you can do. The average is country by country or League by League or sector by sector one. Of the things you find is the average power Gap. Influence. Gap between representation on the board, like the percentage of women that are in the room. Versus the power that those women have is actually roughly 10%. It's that the Gap is. There are more women in the room than the power that those women have. So, what you're showing, the average influencer Gap, here is around 8%. It's actually a little bit. No 11% 11%. Oh it's 11%. Oh then it good. It's slightly worse, it's very slightly worse, it's great. Well, you know part of that it probably is because the bigger the larger market cap companies in the US are the ones that have driven most of the the changes in this area, right? They have actually the ones they're the onesies can't get away with it is much, right? Because there's a the public eye is on them so they pushed to add more women. But they're often adding some of the same women and they're often to match point might be adding women as a token. Well, it's token representation even about token, right? Because you get like a third of the board, Is women, it stops being token at some point, but let's say that you added, when you added a third of the board in the last couple years and you made them all women, just as hypothetical if, every one of the women who came to the board happened was never happened. Yeah, but if every one of the women who joined the board was connected, we're like best friends with the CEO. Did you really end? They were given no shares, the maximum role that they had was like, you know, a member of the audit committee, or right? And that's what I mean by token, like they're putting them on the board but they're not giving them a leadership leadership responsibility. What did you really do? Then you just added the women. All right, so that's the data set that I'm looking at. And I again I just decided to be in a good mood today and I wanted to look at the top performing directors across all of our performance indicators. I know, Matt thinks that's too many things to talk about, I don't care. Just I want to look, I don't care. I just want to. I want to talk about our data because Ari never lets me. So what I did almost fell asleep talking a second ago. She might want to look at. I wanted to look at above average with the highest performance, so by above average, I meant that the average influence on these boards is 8.3% implants. So I wanted to look at directors, who had a influence above that figure. So, these are these are not token, directors, male or female. These are actually directors, who are above average when it comes to influencer. So let's start off. Let's start off with our overall performance indicator which is a maybe I should get to that one last, let's start with earnings. We have we have four ways that we look at these directors earnings car. And TSR and controversy, let's start with earnings. Well, those that was on the platform because we have that's what's on the planet 30 other ways that we look at it. And yeah, there's multiple ways you can do performance. So, what you're talking about is you can look at a director and you can say, you were on five different boards over the last seven years or whatever. And here's how those companies ranked on an indicator earnings. Like here's how they performed. Those companies performed on earnings, you can effectively create a batting average for every single director on how their companies performed that is individual to that director because it's relative to their influence. So what you're talking about is earnings, cars are in controversies. What are these directors batting averages? How well do they perform against their director Pierce on these measures on these particular measures? So, for earnings, Coming. No, this is why you're here. This is why I don't do the show solo because first of all everyone hates the sound of my voice. And second of all, I have analysts home at mascardi and the data Queen sleeping. Or do you have a last name? I don't think you have Number one, performer and earnings Hawk. Tanned at a broadcom hitting now averages hitting 500 this guy's hitting 962 hock tan. So hot tan is Founder of broadcast, I believe. Octan represents. I wouldn't say so. Because the CEO octane has only 10% of board influence CEO broadcom. Yep. So the founders on this board and I believe haktan has been the CEO for a while. But haktan does not sit on other boards. So if I'm going to argue against you here, My argument would be oh I I'm not I'm not here for an argument but go ahead. I'm telling you, do it. I'm just, I'm just, I'm just pulling out the data, tell me how I did this wrong. Well, don't you want to know directors that have been on multiple boards? Not just directors. That is like the CEO of one company and that's like that performance. That might be what you want to know. I'm just looking for the former the top performer. I don't care how many boards are on. I just want to know who's the star in our universe. Comes to earning, isn't it appears to be according to our data available in the platform? Hawking, what we're saying is while Hawk can has been at broadcom as CEO. He's out amazing everybody. He's yeah that's I see it's I I don't know but I can tell you if you keep it's been several years but the fact that 2006 he's got a great track record, good for him. This guy's a star, great, great Superstar at one company. I'm just doing one thing. What I'm suggesting here is, hello is I'm is I'm talking directly to Nelson Peltz instead of instead of nominating yourself for the board of Disney. Why do about somebody like hock tan? Well I mean like this is like saying Wes Welker is a fantastic receiver, Tom Brady throwing talking about it. Tom Brady throw, you have the like you did one thing and there's a somebody else who owns the codes, the founder of the company, he was on the board. Come on, I do want to mention in a very close. Second is Thomas, Fryman out of not 3601, not Tom. Yeah no and notably at number four Sandy Peterson she's at Microsoft hitting 955 at Microsoft 14% boarding. So when you say 955, you're saying that basically every board she's been on in the last seven-ish years, we never talked about Sandy Peterson. So I'm actually excited to be talking about Sandy there at 14% influence at Microsoft. That's Mass. She's been on multiple boards too. And she every board that she's been on, basically, they rank in like 5th percentile Of doing really well. She'll next time. Is it? Hello? How about how about sandy beaches she's available? Steal her from Microsoft to be a man. Sandy know. It is. It is actually. No, it's Sandy with an Eis Sandy with an i not a man carried Carbon. Let's go to carbon. How about this one may or may not surprise you? I think Matt already gonna have something to say about this. The average, the average director in this subset of data hits 547 for carbon. But we have a clear number one hitting a 1000 perfect in carbon. How can this be Matt? His name is Art 11 sin on the apple board. You're not gonna like yeah, I don't like that. So, he's told me. Why is he 1,000? For it, right? Yes, correct. Because this is okay. Why is this bad tell me why this is bad? You're not looking at the raw carbon. Okay, tell me tell us more about this figure. This is carbon intensity that's correct that's one big reason which is okay scope one and two emissions per million Revenue. It's a ratio a lot of Revenue and apples. Got a lot of Revenue. Yeah and that was a very sleepy. Said everything, if you were here, Ari's eyes are basically glassed over like I keep going, I want you to crap on Art Levinson. Um he's been on one board that one board has been one of the biggest Revenue generating companies on Earth and you're comparing art Levinson effectively against other. It companies that are massive and apple is a good performer on carbon relative to that sphere. So art Levinson just all you're saying with him. Yeah, apple has done well on carbon relative to large it companies and he's been there forever. He's been there for the entire time but not performance is attributed attributed to his career. Okay. Then how about number five? Michelle Hooper United Health Group hitting 944 shell hoopers been on multiple boards, right? She's okay on a few boards and if you're biting 944, you're on multiple boards in the last seven years on, Carbon intensity across different sectors. Now, you're talking about somebody who might actually be okay. She might actually be good. Okay. I mean I have no idea. I'm gonna say good according to our Corner carbon metric. She is, she's great. She's number five hitting 944. Let's go over to the total shareholder. Return number one, I like this one. Number one is someone from Costco on a man named Ron vaccers at 966. He's a CEO. He's Costco CEO. Someone here. It's Gus. Costco tends to outperform too. Here's what I love. What Costco are is that Costco has this kind of like folksy thing where they're like you know the word we have like a 99 cent Hut dog. I don't know what that means, but it seems like Warren Buffett would love that. And into Matt's Point earlier in our pre-production meeting Berkshire, Hathaway actually is one of the major shareholders. Yeah, I love them because Charlie Munger and who was the other two Decker both from Berkshire, both on the Costco board so my not anymore yeah, yeah. Munger went away to a windowless coffee but so I was right. That Costco is kind of folksy but what I love about the Costco board is that it is unbelievably Democratic, Ron backrest at the CEO as 13% influence, that's the top influence on this board. The lowest performing number for influences is a 4%. So basically every director on the Costco board, basically has a say in things because they're filled with people. All that are Big Time Players. Yeah. It is a big playable. Okay. Well, but that's a conversation. I want to be a part of I want to because that's a Ratatat about hot, dog prices. He was a part of it because we did a proxy countdown on Costco. We already did the show, I was So, do you have anything you want to do? You want to? Oh, okay. I want to get to the notable the number two. The number two is Jensen, Wing's, cousin, Lisa. Su out of Advanced Micro Devices actually cuz I didn't know that they actually cause and she's hidden 7:45. First of all the gap between one and two is super interesting, massive 966 to 7:45. That's our biggest Gap in any, any of these guys. It also suggests actually. One of the things that's interesting. When you look at, when you rank these directors by TSR batting average, you realize How the vast majority of the 80,000 plus active directors are just pure mediocrity. Like they're not that great like that when you go from 7:45 and then quickly you're going down even further after that, right? Like you're getting lower and lower, you're just a ball of human mediocre. Nothing. This is. Yeah, well, people are in different on multiple boards. Oops, I hear that. You can go get that. And look, this is why I chose this subset because and why I chose to look at our performance indicators because I just wanted to spend some time looking at the outliers, right? Because I often there are some fun stories attached to the outlet. I will say though that Ron vaccers on the board of Costco, he's only on the board of Costco. This is another one where like what you're seeing though is okay. We're seeing one board pattern is like if you only stay on one board, particularly for the CEO of that company, your performance, obviously, reflects, whatever that company performance is. And it's possible to be really good as soon as you start going board to board, which is why that's a more interesting metric to me someone who's on multiple boards and they're doing well everywhere they go, They're basically proving over and over and over again, that they're good at their job. Was it hard? It's hard to be good at your job. Is it a coincidence that the the people who are on one board with good performance? Numbers are men and what in the women who are doing well or multiple boards? Is that a coincidence or do you reading anything into that? I mean, the women are over pretend to be over Sandy and recycled much more like once you break in. So it's possible that that's that's a piece of that, but it could just be possible that When women do, women are held to a higher standard to begin with. So if they're doing well in one place, they are more likely to get picked up in another place. It's possible. That's probably not doing so great and they're like, we need a exactly. Yeah. Like the will clean up woman. This is what I love about the data, is that, that there is this positive perspective on it, which is that it does let you highlight the successes of women like Sandy Peterson at Microsoft and Michelle Hooper United Health, right? I mean, we tend to dwell on some of the underperformance but there really is an opportunity here. Say if you are an activist investor of to find people who actually do well. Other than just your hunches or your the stories you heard at your golf game. Like we actually have a way of actually indicating success. Finally controversies category, where overall, the directors in this subset are hitting 2806. That's really low. Yeah, controversies is highly. Highly, highly correlated to size. So large companies tend to be more controversial because they get covered except except to places like Adobe. We're Frank, calderoni who has 15% of the board influence? There is hitting a perfect one thousand? Wow, I don't Out of the news. Frankie. Yeah. Frank macaroni somebody another Another woman notably in this category performing, well is Karen seidman. Becker at Home, Depot hit 935, Home Depots in the news so that's interesting and I guess not bad news. I guess it's not that bad, not controversial. Now, the severity must not be. Yeah. So, So, to wrap up my list for today and get get the hell out of here for this show for April 16th. I wanted to give you the the leaders, the overall leaders in this for all of our categories combined and that that the number one performer. According to this data, at the largest cap companies America is that same Frank calderoni from Adobe hitting 760. Overall number two is back to Microsoft, although it's not Sandy Peterson. It's actually Carlos, Rodriguez, really it hitting 756. And finally, at number four is Lisa, Sue's cousin. Jensen Wong at Nvidia. He's hitting 700 overall, across all of our indicators which, you know, if you look at, I'm sure the ship most, the sharers are already pretty God damn. Happy with Jensen Wong and our all over. Our indicators would suggest that he might be good. I don't know how this is Meaningful. Matt in the, in the bigger picture but it's our indicators suggest and this is not just total Return that he is the fourth top. Performer are the biggest companies in the US. So, that's an interesting correlation, you know, I like about this, this, this list and this, this game noting that it's over. My favorite part is that he finished know, I like that. The first two people you've never heard of? Yeah, I mean, the fact is like, I'm like, you know, Jensen Wong is because Nvidia is everywhere because the AI movement, but the fact is, and his sexy leather jacket, you have no idea sometimes who these board members are, and if you've met them great then, you know them. But if you're like shopping, you know, somewhere you couldn't name these people and turns out there, they might actually, there are people who are good at their jobs, it's always shocking to me. That's someone's good at their job. That's I think that's an important other point here. Is that we get a lot of pushback because a lot of people are afraid to vote out directors. They better our data will offend the directors for some weird reason, even though Chevrolet given their granted, the authority to vote out directors, if they're not happy with their performance, but this all gives you an opportunity to actually celebrate some of the top performers. Like we have today, including, as I said, like, Sandy Peterson That we don't talk about a lot Matt, Michelle, Hooper Lisa Sue Karen sediment Becker, like we don't spend enough time talking about them. So I'm glad that these lists can kind of. I'm so happy, you can celebrate something, I celebrate nothing. I just want to be in a good mood today. That's all. That's all we got, you know, we're the ending on the fact that, what did you have? You had nothing? I showed up. Um, what is all you've got and we're brought nothing to this show. You brought your bad attitude, arguing against everything. I was trying to present, we're celebrating the fact that the date that you just showed that Lowe's list. Those aren't lists that like they're not grades. They're not assessed. We literally are just, it's just measuring. It's like if I went and I said this, this room is 10 feet wide, this is what's happening. That's that's what that was. That wasn't like, we think that that person's good. That's what the data shows. It's not us making things up. So go get that and it's available for you on our all over. Analytics.com, sign up for free. It's just an email address. It's all you have to do. You might once in a while, get an email from us. That's you just block us. You hate us and stay tuned to these shows because we're gonna keep talking on doing the more lists. We're gonna talk about this data, the worst. We're gonna tell you how to use this data, how to talk about this data, how to get comfortable with the data, we're gonna do it. We're gonna do that was already the Sleepy Queen. That's Damien, hazelnut Rallis, I am your analyst home atmosphere. We are free float, we'll be back on Thursday with a proxy countdown. I believe we are doing it. Laboratories you lie, you know, you don't believe one of the most fun companies to do. We're all. So, gonna do a show on Friday wrapping up the week, but until then, goodbye.